Flexible Spending Accounts

To participate in an FSA, you must actively elect one each year. FSAs allow you to set aside pre-tax dollars toward reimbursement for certain out-of-pocket expenses. The 2022 IRS maximum annual contribution for Healthcare FSA is $2,850. The maximum annual contribution for the Dependent Care FSA remains at $5,000 (for Dependent Care, this maximum is a combined limit for both you and your spouse).

If you are electing the SavingsPlus HSA option, you cannot have a Healthcare FSA, but you may elect the Limited Purpose FSA, if you wish, for dental and vision expenses.

For a full list of eligible expenses, please visit www.wageworks.com or www.irs.gov. Remember: FSAs are “use it or lose it” so be sure to plan carefully.

What’s the difference between the HSA, LP FSA and Healthcare FSA?

The HSA, LP FSA, and healthcare FSA offer pre-tax savings on qualified health expenses, but they differ slightly.

HSA
(SavingsPlus HSA only)

LP FSA
(SavingsPlus HSA only)

Healthcare FSA

  • Sanofi will help fund your HSA, and you can make additional pre-tax contributions. (Up to $3,650 (individual) or $7,300 (family) per year, employer + employee.)
  • Any unused balance is rolled over into the next plan year and is yours to keep — even if you leave the company.
  • You can invest your HSA and can even use the funds to supplement your post-65 retirement income.
  • Can be used with the HSA for eligible dental and vision expenses on a pre-tax basis.
  • Allows you to leave more in your HSA for the future.
  • You can contribute up to $2,850 in 2022.
  • “Use it or lose it” — If you don’t use all the funds in your Limited Purpose FSA by the end of the grace period*, you forfeit the balance.
  • No funds from Sanofi. You are responsible for funding your Healthcare FSA on a pre-tax basis.
  • “Use it or lose it” — If you don’t use all the funds in your Healthcare FSA by the end of the grace period*, you forfeit the balance.
  • Cannot elect if you are in the SavingsPlus HSA.
  • You can contribute up to $2,850 in 2022.

* Sanofi US offers a 2.5-month grace period, meaning you can incur new claims against your account through March 15. Funds remaining in your account after the claim submission deadline will be forfeited.

FSA options

Healthcare FSA

Not available if you choose the SavingsPlus HSA. The Healthcare FSA allows you to pay for eligible healthcare expenses such as deductibles, copays, and coinsurance on a pre-tax basis — which saves you money.

Use the Healthcare FSA to pay for medical, prescription, dental, and vision out-of-pocket expenses incurred by you and your eligible dependents. Simply decide how much money to put aside each payday to cover these expenses up to the maximum. This amount is then deducted from your pay before taxes and deposited into your FSA.

Limited-Purpose FSA (SavingsPlus HSA only)

If you have an HSA, you can also choose to take advantage of a Limited Purpose Flexible Spending Account (LP FSA) to pay for eligible dental and vision expenses on a pre-tax basis.

  • By using LP FSA dollars for out-of-pocket dental and vision expenses, you may preserve your HSA funds for other purposes, including saving those funds for the future. By doing this, you may maximize your tax savings with both an HSA and a Limited Purpose FSA.

Note that more information on the HSA can be found on the Medical page.

Dependent Care FSA

This FSA allows you to pay for eligible dependent care expenses for things like child care and elder care.

Simply decide how much money to put aside each payday to cover these expenses up to the maximum annual contribution of $5,000 (for Dependent Care, this maximum is a combined limit for both you and your spouse). This amount is then deducted from your pay before taxes and deposited into your FSA.

Contact Wageworks: 877-WageWorks (877-924-3967) | www.wageworks.com